e-commerce services provider @UK has established a partnership with payments processor Visa which will cover Asia Pacific and Central Europe, Middle East and Africa.
This follows the setting up of a subsidiary in India. Initial overseas sales are ahead of target.
In 2011, revenues rose 15% to £2.35m with e-commerce revenues growing by 65%. The loss was slashed by 84% to £89,000.The cash outflow from operations was £114,000. The company is profitable on a monthly basis.
There was net cash of £402,000 at the end of 2011. At the end of February, @UK raised £300,000 at 11p a share.
New contracts have been won from higher education and the NHS. Additional sales personnel have been recruited since the year end.
At 11.5p a share, up 0.38p, @UK is valued at £8.92m.
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